Investment And Financing Sector: Promoting Direct Financing To Help Fund Projects

The State Council has issued ten major measures for the difficulty of financing and financing.

One of them is "promoting the development of direct financing market".

Although this one is placed in "seventh".

However, in the investment and financing sector, the development of the direct financing market is obviously neglected. The direct financing plays a huge role in promoting the project financing.

It is a professional investment and financing information service platform, which enables funds and projects to match.

For many venture capitalists, the investment and financing sector has become an important participant in the direct investment and financing market.

Two arteries in the financing market

"If the enterprise is compared to the heart, then the direct financing and indirect financing are the two blood vessels to ensure the beating of the heart. Now the indirect financing is blocked."

Indirect financing, as the name implies, means that investors and financiers are not directly face-to-face, but they can complete capital input through third parties.

In our country, the third party is mainly banks. The simple process is that individuals and institutions deposit funds into banks, and banks lend money according to the needs of enterprises and individuals.

"In

In the country, the interest rate is completely marketization, and the size of bank lending funds is mainly affected by the supply and demand of the capital market. When the capital demand of enterprises is large and interest rates are raised, the demand for funds is low and interest rates are low.

Of course, the amount of bank credit will also be affected by the macroeconomic regulation and control of the state, but it will mainly change according to the demand of capital market and the change of interest rate.

However, in our country, the amount of bank credit is affected by many factors. Besides the reasons of interest rates, the trend of national macro-control, banking regulatory agencies, the amount of money invested, financial policies, policy continuity and so on may all have a greater impact on the number of bank loans.

In the investment and financing sector, there are four main reasons leading to the decrease in the amount of bank money and the reluctance to lend. First, the slowdown in the real economy, especially the decline in foreign trade and investment, has reduced the demand for credit.

Two, the state's regulation of real estate and excess capacity limits the scale of credit to these industries.

Three, the "four trillion" in 2008 formed the pressure of inflation. It also pushed up bad debts of banks and made them more cautious.

Four, the financial service system is not perfect, especially the SME financial services are not in place.

Sum up

Through the indirect financing channels of banks, part of the blockage has led to the financing difficulties of enterprises.

Incomplete direct financing market

The two financing "blood", since the bank indirect financing "blood" is blocked, then corporate financing will have to seek direct financing market.

"But the direct financing market in China is incomplete," said an operation manager of the investment and finance industry.

According to the introduction of the operation manager of the investment and financial circles, the direct financing in the general sense can be divided into three types.

A limited liability direct financing.

That is, investors bear limited liability for capital contribution. Once an enterprise appears to be insolvent, investors do not have to shoulder too much responsibility.

This limited liability is very common in small and medium-sized enterprises, but our business environment has hindered the formation of this model.

For example, the government once called private financing of limited liability financing illegal fund-raising. In the investor group, the "run" behavior is also zero tolerance. In fact, some of the "running" boss is not required to assume all debts of the enterprise bankruptcy.

The second is investment banks.

Investment banks are also important participants in direct financing.

Investment banks use their own investment experience to choose the advantage items and recommend them to investors to complete the financing.

But China's banks are basically savings banks, and the number of investment banks is very limited, and their investment intermediation capacity needs to be strengthened.

Another is the stock market.

The stock market is also part of the direct financing market, and the amount of financing is huge.

However, due to the large number of retail investors and strong speculative atmosphere, the stock market in China has long been deviated from the real economy trend.

When the trend deviates, enterprises are not even willing to go public, because listing means that the value of enterprises is underestimated.

Therefore, high quality enterprises have chosen overseas listing, such as Alibaba chose the New York Stock Exchange.

In the indirect financing market is blocked and the function of the direct financing market is incomplete, the two financing "blood vessels" do not run perfectly, and corporate finance seems to be a "problem without solution".

The emergence of the investment and financing sector seems to make many enterprises see the dawn of direct financing.

Investment and financing sector: direct financing market participants

The investment and financing sector is a professional platform for investment and financing information service.

In the investment and financing sector, the project side can issue free financing information to find potential potential investors, and investors can find their favorite investment projects.

"On the surface, the investment and financing sector is a platform to provide information for both sides to choose, but in fact, the investment and financing sector has already had the function of promoting enterprise financing and investor investment because of the huge number of project owners and financial providers, and has already had the basic characteristics and rudiments of the direct financing market," an industry insider said.

In the view of Chen Yufei, chairman of the investment and financial circles, the investment and financing sector actually evolved from the "Wenzhou model" of the private financing mode.

In the Wenzhou mode, the main way of obtaining financing and project information is the chamber of Commerce, and the investment and financing sector is the continuation and development of the "online chamber of Commerce". Today, the investment and financing sector is already a comprehensive investment and financing platform for projects and funds.

Of course, if the financial sector defines the investment and financing sector as a part of the direct financing market, the investment and financing sector will not object.

As long as the emergence of investment and financing can help enterprises to finance.

In essence, the role of investment and financial assistance in financing is becoming more prominent and has more and more influence.

The investment and financing sector is less than three years old, but it has already raised more than 50 billion yuan for enterprises, and has invested more than 1000 investment institutions in various platforms. Some of them even have internationally renowned venture capital institutions.

In short, enterprise financing needs to walk on two legs - the direct financing market and the indirect financing market. The investment and financing sector is willing to become a leg of the rapid development of enterprises.